Simsim’s parent SZS Tech raises $8 million in Series B, Technology News, ETtech

Simsim's parent SZS Tech raises $8 million in Series B
SZS Tech, which owns and operates vernacular social commerce and discovery platform Simsim, has raised a shade over $8 million (about Rs 57 crore) in its Series B funding spherical, the newest fairness capital mopped up by the Delhi-based startup in the final six months.

The newest funding spherical was led by two of Simsim’s current traders, China’s Shunwei Capital and marquee enterprise capital agency Accel Partners.

The firm will use the proceeds to develop its community of influencers and additional construct its expertise platforms, mentioned Amit Bagaria, co-founder of Simsim.

“The Indian consumer is used to a very different shopping experience offline—one which is social and highly interactive…Of course, all these interactions are in local language and dialects. It is this experience and method of shopping which we are replicating at Simsim,” Bagaria mentioned.

Including the newest capital infusion, Simsim has raised an estimated $16 million to this point, throughout its final two institutional funding rounds. The firm was formally launched in July final 12 months.

The transaction is the newest in the broader, however still-nascent Indian social commerce sector. Venture capital traders are more and more scouting for what has been described as the brand new wave of ecommerce focused on the subsequent 100 million web customers.

Focused on the non-English talking inhabitants and counting on movies and platforms like WhatsApp, this breed of ecommerce startups is seen as being discovery-led, in comparison with search-led platforms similar to Flipkart and Amazon.

“In addressing the next couple of hundred million people who are coming online, Simsim has found a way to emulate that comfort and behaviour and bring these users meaningfully online,” Rohan Malhotra, managing companion at Good Capital, and an early backer of Simsim, mentioned.

Both, Good Capital and Shunwei Capital have additionally backed social commerce startup Meesho, which has raised about $190 million in funding until date.

Simsim, which was based by Bagaria and Saurabh Vashishtha, each former senior executives at Paytm, and Kunal Suri, who was beforehand the managing director of Foodpanda India, claims to have over a million customers, and works with over 1200 micro-community influencers.

The Android-focused platform, which is presently accessible to make use of in 4 regional languages, primarily focuses on tier-2 and tier-Three cities, garnering over 70% of its clients from outdoors India’s top-10 cities. It has over 30,000 inventory retaining items, throughout the style, life-style and residential classes.

“We have just begun our journey. Before the end of this year, we want to serve our customers in 20 different languages, and target to have 10 million-plus customers on the platform,” Bagaria mentioned.

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